NS updates ICCRC Exam

 

Nova Scotia is one of the most versatile provinces in that they are constantly at the forefront of implementing new Provincial Immigration Streams as their immigration needs change.

This province will be rolling out two new immigration programs on January 1st 2016 which might be on your ICCRC Full Skills Exam.

Kindly note that the 90-day Cutoff for these new programs is March 31st, 2016, so these two new streams will not be on the February 7th exam.

These two new streams are the Entrepreneur Stream and the International Graduate Entrepreneur Stream.

 

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Nova Scotia Entrepreneur Stream

For individuals who want to settle permanently in Nova Scotia and start or acquire a business.

Eligibility Criteria

  • Capital and assets

Demonstrate accumulation, through legal means, of at least $600,000 CAD in Net Business and Personal Assets.  The applicant must also be willing to make a minimum capital investment of $150,000 CAD in Nova Scotia.

These assets will be verified by an NSOI designated third party professional.

  • Business knowledge and experience

The applicant must have more than five years of experience in a senior business manager role in the last 10 years or a minimum of three years of business ownership experience including 33.33% ownership. Applicants must have and be able to demonstrate an in-depth knowledge of their Business Establishment Plan.

  • Education and language proficiency

A Canadian high school diploma or a verified equivalent foreign credential and a Canadian Language Benchmark  level 5 in either English or French is required. The former  must be dated within the five years and the latter within two years prior to the date of EOI submission.

  • Age and adaptability factors are also considered through a points system.
  • Business eligibility

The business must be a for-profit entity with the potential to create an economic benefit to the province. It also must be considered a “permanent establishment”(subsection 400(2) of the Canadian Income Tax Regulations, 1985) and therefore liable to pay taxes. Applicants have to own at least one third of the business’ equity and participate in its daily management and direction.

If starting a business, at least one full time position must be created for a Canadian or Permanent Resident. This position cannot be filled by a relative, has to be relevant to the business and meet the province’s current wage levels.

To purchase a business, said business must have been and continue to be in operation by the same owner for the previous five years. Applicants must complete an exploratory visit to meet the current owner(s) and provide evidence that reasonable efforts were taken to establish a fair market value.

The succession buy-out must result in a complete change in ownership where the applicant will assume full control of the business and employment on similar terms and conditions must be offered to existing staff, including existing wages and employment terms.

 

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Nova Scotia International Graduate Entrepreneur Stream

This stream targets graduates who have completed at least two years of full-time study in a Nova Scotia university or Community College and have operated their own business in Nova Scotia for at least one year, and intend to settle permanently.

Eligibility Criteria

  • Human capital

Be at least 21 years old; achieve a CLB level 7 in one of Canada’s official languages; and have completed an on-site full-time Nova Scotia post-secondary diploma or degree of at least two years in length from a recognized university or Community College in Nova Scotia.

Applicants are required to reside in Nova Scotia while they establish their eligible business.

  • Business and finances

Own 100% of the equity of the business and have been actively participating on its daily operation for at least one continuous year prior to the date of EOI submission.

Demonstrate that the business is profitable and at minimum, meet the Low Income Cut-Off (LICO) as defined by Statistics Canada. Audited financial statements from an NSOI approved professional third party will be required to assess the financial health of the business.

 

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The process

  1. Expression of Interest (EOI)

Prospective immigrants complete an online survey which will be assessed based on a points matrix according to their profile and then assigned a score.

  1. Invitation to apply

Top scoring applicants will be invited to submit a formal application to the Nova Scotia Nominee Program (NSNP), to be assessed by NSOI.

  1. Business Establishment in Nova Scotia (Only for entrepreneur stream)

Successful applicants will sign a Business Performance Agreement with NSOI, detailing the applicant’s plans to start or acquire a business in Nova Scotia, NSOI will then provide a NSNP Entrepreneur Approval Letter.

  1. Temporary Work Permit (Only for entrepreneur stream)

The applicant will have to apply to Citizenship and Immigration Canada (CIC) for a two-year work permit and include the NSNP Entrepreneur Approval Letter. If the work permit is granted, applicants will then be able to come and settle in Nova Scotia with their family.

  1. Request for Nomination

Once the conditions of the Business Performance Agreement have been met, or in case of the International Graduate Entrepreneur stream, applicants are assessed and meet the criteria; they become eligible to apply to the Nova Scotia Nominee Program for Permanent Residency

  1. Apply for Permanent Residence

Once nominated, applicants apply to CIC for Permanent Residence status.

 

Further Reading and Sources:

https://novascotiaimmigration.com/topic/media-releases/

https://novascotiaimmigration.com/wp-content/uploads/Overview-of-Business-Stream-Criteria.pdf

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